Bitrewards- A New Solution To Manage Customers’ Loyalty System
4/7/2018
Costumers’ loyalty is the main key for retailers to maintain their business. It supposed to be an effective solution to generate more revenue among existing customers.T hat is why each retailer has its own loyalty system which allows it to give rewards to the customers.
Unfortunately, some of the loyalty ssystemsfailed to attract customers’ attention. And it has a strong impact in lessening the number of customers.
Problems of customers’ loyalty system
After all, customers’ loyalty system itself is a good idea. But there are some factors which make this system seems ineffective.
The first factor is the account inactivity. Most of the customers even do not register themselves for the loyalty program, since the registration process is too complicated and take a long time to be completed. In addition, they have to repeat the tiring registration process everytime they want to access another website.
Another reason is the low rate of customers’ redemption towards the reward. According to the statistics, among 50% active customers, 20% have never made redemptions.
The failure of a loyalty program is also caused by the low client retention. It occurs since most of the customers are not interested in the offers, or because of the difficulty in earning points to get the reward.
The quality of the loyalty program itself can cause a problem. But developing a loyalty program, especially the sophisticated one is not a cheap project for a retailer. This project requires time and more costs to design the program and analyze it, train and hire employees, also do the internal practices.
Although those issues may bring bad impacts to the business, such factors should not make retailers giving up the idea of having an effective loyalty program.
The good news is, blockchain technology offers both of users and retailers the opportunity to have a well-managed, effective and sophisticated loyalty program.
Introducing Platform as a New Way to Manage Retail’s Loyalty System
BitRewards is a platform which using blockchain technology to create a sophisticated loyalty program. This platform enables merchants to give their customers configurable rewards.
This platform has analyzed the main problems of the existing loyalty system. And it also gives several reasonable solutions to solve them.
Now, remember the problems of loyalty system which have been mentioned above and see how Bitrewards will solve those problems.
The first problem is the account inactivity caused by the complicated registration process. BitRewards creates an integrated and convenient loyalty system. Each user will have a single wallet which could access all of the websites of participating merchants. So, users do not have to make multiple accounts for each website.
Next, by using tokens instead of points as the rewards, this platform will solve the low redemption rates and low retention issues. The value of tokens will depend on the crypto-currency market. And to make it simpler, the credits will be transferred to users’ wallet. Then users will receive regular reports and offers from the stores where they made their purchases, which will also serve to incentivize further actions.
By using BitRewards platform, the merchants also will save some costs. They do not have to spend more money to build a new loyalty program or to train and hire employees to manage the program. Since all of the operating activities about tokens will be managed by the platform’s operators. BitRewards also gives the technical guidance, support and quality assurance.
Beside providing solutions for the main problems of loyalty system, BitRewards also gives many advantages for retailers which joining this platform. The rest information about the advantages and how this platform works is being well explained in its whitepaper.
Token Information
By giving so much information in its white paper, BitRewards is not only giving ideas for solving the problems. This platform is also ready to put all of the solutions into real actions.
The good news is BitRewards Platform has its own token called BIT, an ERC20 token. The value of tokens will depend on the open market. This token will be used in all of the activities in the BitRewards ecosystem. All of merchants and partners of BitRewards Platform will use this token as an internal currency.
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Author: supertar
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